Applied Bio (ABI) was upgraded from Hold to Buy at Deutsche Bank, with a $37.50 price target. Stock does not reflect the company's impressive transition over the past couple of years.
Goldman said it is upgrading
to a Buy from Neutral based on upgraded valuation regressions for IT Services. Price target increased to $66.10 from $62.77.
Advanced Micro Devices
was upgraded from Peer Perform to Outperform at Thomas Weisel. Products should continue to gain mindshare and market share, with good news expected to come out of the Sept. 12 Dell analyst meeting. Estimates also raised.
downgraded to Hold from Buy at Jefferies. See deteriorating risk/reward and lack of near-term catalysts. 2007 estimates cut to $3.00 from $3.20 and price target lowered to $72 from $81.
coverage was initiated at Goldman with a Neutral rating. Sees possible downside due to clearing of old inventory, lower margin brand sales, and increasing consumables mix. However, see lower risk due to low debt, bulging capital expenditures, and depressed margins. Price target at $14.50.
Goldman said it is initiating coverage on
with a Neutral rating based on limited gross margin upside and doubts over long-term potential of $1 price point business model. Price target at $32.
Jefferies said it is downgrading
to Hold from Buy due to unlikely multiple expansion. Shares rallied 43% in past 9 months thanks to structural improvements and cyclical factors. Price target at $46.
Goldman said it is downgrading
to Neutral from Buy based on company policy of having no more than 25% of ratings as "Buy." Downgrade does not reflect any fundamental concerns.
Piper said it is initiating coverage on
with an Outperform rating and $38 target price. Company is long-term opportunity in high-growth footwear category.
was downgraded from Overweight to Neutral, JP Morgan said. Stock also being removed from the Analyst focus list. Latest AC Nielsen scanner data suggests that sales could be flat to down in the third quarter, because of market share losses in chocolate. Estimates also cut through 2007.
was downgraded from Market Perform to Underperform at Raymond James. Florida housing fundamentals continue to deteriorate rapidly, and the stock's NAV remains around $37 to $42 a share.
UBS said it is upgrading
to Buy from Neutral based on healthy returns and the recent pullback. Raised target price to $77 from $75.
was downgraded to Neutral at Merrill Lynch said. Estimates also cut, because of Ford's lower production numbers. Slower economy is also weighing on lumber shipments.
was upgraded to Overweight at Morgan Stanley. Company is the top play among the offshore drillers, and also the cheapest. $42 price target.
was upgraded from Market Perform to Outperform at Wachovia. Consensus earnings estimates could be low by 10 cents for both this year and 2007, given acquisitions and new billing code for newborns. Options investigation should not have a material impact.
QLGC was upgraded from Neutral to Overweight at JP Morgan. The stock is also being added to the Analyst focus list. $24 price target. Host Bus Adapter market is seeing strong demand and improved pricing.
UBS said it is downgrading
to Neutral from Buy after industry check suggests company is unlikely to win Verizon contract. Lowered target price to $20 from $24.
was upgraded from Neutral to Buy at Merrill Lynch. $40 price target. Stock is down 30% from its May highs, though the demand for skilled labor remains strong.
upgraded to Neutral from Sellat Goldman due to overhaul/improvement in operations, substantial Q2 charge, and valuation. Price target at $26.
UBS said it is downgrading
to Reduce from Neutral based on little progress on HCA contract renewal. Lowered target price to $37 from $47.
was upgraded from Hold to Buy at Deutsche Bank said. $67 price target. Stock could generate a 20% total return over the next year, as margins stabilize and the behavioral division continues to grow. Balance sheet also improving.
STOCK COMMENTS / EPS CHANGES
estimates reduced through 2007 at Morgan Stanley. Company to see lower revenue in four states because of new regulatory developments. Equal-weight rating and $16 price target.
estimates cut through 2008 at Morgan Stanley. Lower August traffic could continue on into 2007. Equal-weight rating and $29 price target.
Goldman said it is cutting its price target on
to $26 from $27 after company updated guidance to account for generic Plavix. 2006 estimates lowered to $0.95 from $1.26. Maintain Neutral rating.
estimates lowered through 2008 at Morgan Stanley. Company realizing smaller load levels, which could continue into next year. Equal-weight rating and $32 price target.
Goldman said it is raising its target on
to $39.19 from $36.80 due to improving operating environment and increasing attractiveness of defensive stocks. Reiterated Buy rating.
Jefferies cut its 2007 estimates on
to $2.30 from $2.48 due to slowing ICD market and lack of visibility into future growth. Price target at $55.
estimates boosted for 2006 at Morgan Stanley. Company realizing higher North American volume growth. Overweight rating and new $72 price target.
estimates cut through 2007, according to Morgan Stanley. Downtime costs are outweighing higher rig rates, as GoM units are moving to the international markets. Underweight rating.
Goldman said it is increasing its 2007 estimates on
by 2 cents to $2.00 due to surprise introduction of generic Plavix and favorable environment for defensive stocks. Price target increased to $55.32 from $49.95.
STRATEGY CALLS / MARKET CALLS
Citigroup said it upgraded FCX to Buy, buy downgraded AA and AL to Hold. Becoming more constructive on the copper market and gold should remain strong. On the other hand, Aluminum appears to have peaked.
Merrill Lynch said it downgraded JBHT, SWFT and CNW from Buy to Neutral, Merrill Lynch said. Peak season is starting later than usual, and the stocks lack a major near-term catalyst.
Credit Suisse said it is downgrading KNX and WERN to Neutral from Underperform and cutting its estimates on SWFT and JBHT on concerns of weakness within TL marketplace.
Morgan Stanley said it downgraded the Refining and Marketing sector from Attractive to In-Line, Morgan Stanley said. Market fundamentals should remain favorable through 2008, though the supply of medium and heavy crude is declining. VLO and SUN remain among the analyst's top picks.
Applied Materials Analyst Meeting - 10AM
Citigroup 13th Annual Global Technology Conference (Day 1 of 4) - Sep 05, 2006 to Sep 08, 2006 New York, NY
Lehman Brothers CEO Energy Conference (Day 1 of 3) - Sep 05, 2006 to Sep 07, 2006 New York, NY